It's the first weekend after Thanksgiving with the throngs descending for
full-throttle shopping. Dollars are flying fast, all in the name of "assertive"
consumerism - complete with cut-throat parking space competition and screaming
babies.

Proginet and Microsoft agree on equity position

By: LIBN Staff November 27, 1998Comments Off on Proginet and Microsoft agree on equity position

Garden City-based Proginet has announced an agreement with Microsoft by which Microsoft is receiving an additional 1.26 million shares. Microsoft now owns just under 10 percent of Proginet Common Stock.

The two companies had entered into an agreement in December 1996, which entitled Microsoft to additional shares at a later date. This announcement is in full satisfaction of that agreement.

“Microsoft has been an important business partner,” said Kevin M. Kelly, president and chief executive of Proginet. “Our relationship with Microsoft is good for our customers and we continue to develop technology optimized for Microsoft technology in the enterprise.”

The company’s products address the systems management software space, including security and managed data transfer. Proginet has established a worldwide user base of more than 450 companies in 25 countries engaged in all industry sectors.